K1 Form Stocks/ETF List

KFN

How would I know when I traded this "stock"--one trade held one day--that I'd receive a K-1 the week my taxes are to be filed!

My accountant had just finished my tax forms--50 pages--when this little gem arrived in the mail. What a pain. I guess another stock screen should include the letters "LLC". My "Do Not Trade" list.
 
Quote from trangreg:

I am a little confused. When I calculated my short-term profit, this amount is not shown on Schedule K-1, it would be reported on Schedule D, it is $260. Line 11 on Schedule K-1 has code C which stands for income or loss from contracts & straddles which makes sense for UNG. The income amount is $752. UNG does not give cash distributions. Does this make any sense? I did not make $752 from this trade but yet I have to list that as income. I called UNG and verified that I sold my shares in July 2008 and does line 11 figure take that into account. The rep said yes but I'm not sure if he knew what I was trying to ask. Any help would be appreciated!
More...

I am not a tax expert so take what I am about to say with a grain of salt.

Any income gain or loss passed through to you by the partnership affects your cost basis. So if the partnership distributed $752 to you in income, your cost basis in the partnership rises by $752. So on Schedule D, your profit would be $260 - $752 = -$492. Similarly, if the partnership throws off a loss to you, your cost basis decreases to compensate.

Please do your own due diligence on this topic as I am no tax expert.
 
You must log in or register to reply here.
Back
Top